A highly-critical letter this week casts important new light on the decline and fall of the Workington-based Impact Housing Association prior to its merger with the Riverside association a few months ago .
Secrecy, misleading statements and lack of accountability are alleged by Mr Adrian Waite a former Impact chairman in the letter to community secretary Sajid Javid`s Social Housing Team. It was in response to the recent Social Housing Green Paper.
|THE IMPACT BOARD(chairman Mark Costello is front centre)..".not accountable to anyone".|
”I was surprised that the regulator made very little information available about its reasons. Impact also chose not to divulge any information” says the letter.
“This left shareholding members, tenants and other stakeholders ignorant of the reasons for the downgrade. In my view this approach lacks transparency.
The letter goes on: “I do not think it was appropriate for the board to avoid reporting the regulatory judgement to shareholding members, and to continue in office and to take strategic decisions including making a voluntary undertaking to merge with another organisation.
“After the downgrade, the board of Impact did not appear to be accountable to anyone. In May 2017, the board brought forward the date of the annual meeting to the week before the regulatory judgement was to be announced and provided the meeting with information about the downgrade and about the financial circumstances of the association that I found misleading.